Underpricing is a subject that is well documented, there is a lot of different theories that claims special traits of companies that affect underpricing which some of these are age, growth and size of a company. There is also a difference amongst industries and especially the Tech industry which show a higher percentage of underpricing. Baker Mckenzie reports that the number of IPO: s in Sweden will grow in 2017, further one can see that under the year 1980-2011 there was an average underpricing of 27,3 percentage in Swedish companies. The study aims to analyze if there is a difference in underpricing within the first day when it comes to the Tech industry and the markets as a whole. The study also intends to prove that there is a significant relationship between underpricing, age, revenue growth, revenue and number of employees. Data was collected from databases and was analyzed through a regression analysis and comparing underpricing between the Tech industry and the other companies in the study. These analyzes was used to accept or reject the studies four hypothesizes and answer the questions of the study. The analysis and research showed a higher underpricing amongst the Tech industry then the rest of the companies but the study could not prove a significant relationship between underpricing and age, turnover growth, revenue and number of employees. / Underprissättning är ett ämne som är välstuderat och väldokumenterat, det finns många teorier som hävdar vilka egenskaper hos ett bolag som påverkar till underprissättning. Några av de faktorerna är ålder, tillväxt samt storlek. Det finns en skillnad bland branscher enligt tidigare undersökningar som hävdar att Tech branschen underprissätts i högre grad jämfört med andra branscher. Baker Mckenzie rapporterar att börsnoteringar i Sverige kommer öka under 2017, vidare kan man se att under åren 1980–2011 var det i snitt en första dagsavkastning på 27,3 procent på svenska börsnoteringar. Syftet med studien är att analysera om det finns en skillnad på första dagens avkastning inom Tech branschen jämfört med marknaden som helhet, studien ämnar också att påvisa om det finns signifikanta samband mellan underprissättning och ålder, omsättningstillväxt, omsättning samt antalet anställda. Information har samlats in från databaser och analyserats genom en regressionsanalys samt en komparativ studie av prissättning mellan Tech branschen och resterande branscher. De genomförda analyserna användes för att acceptera eller förkasta studiens fyra hypoteser samt svara på studiens frågeställningar. Analyserna och forskningen påvisade en större grad av underprissättning bland Tech bolagen än övriga bolag men studien kunde ej påvisa ett signifikant samband mellan underprissättning och bolagets omsättning, ålder, antal anställda samt omsättningstillväxt.

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Det finns ett flertal tidigare studier som undersöker listbyten och dess effekt på ett bolags aktieavkastning. Merparten av dessa studier är dock baserade på den amerikanska aktiemarknaden. De svenska studierna som har genomförts undersöker effekten av listbyte från alternativa marknadsplatser (MTF) till huvudmarknaden (reglerad marknad). Det har framkommit att det finns ett kunskapsgap vad gäller hur aktieavkastning reagerar på marknadsplatsbyten på Sveriges MTF-er. Genom att endast fokusera på MTFmarknadsplatserna,AktieTorget, First North och Nordic MTF i Sverige och effekten av bytenmellan dessa marknadsplatser blir denna studie ett komplement till den tidigare forskningen inom området. I studien undersöks 39 svenska bolag som mellan åren 2007-2016 valt att byta marknadsplats. OMXPI är det jämförelseindex som använts för att jämföra bolagens avkastning med marknaden. Syftet med denna studie är att undersöka om det finns ett värdeför såväl bolagen som dess aktieägare att byta marknadsplats mellan AktieTorget, Nordic MTF och First North, istället för att stanna kvar på den ursprungliga listan. Detta syfte uppnås genom att studien undersöker bolagens aktieavkastning i samband med flytt till likvärdig, alternativ, marknadsplats för att ta reda på om bytet av marknadsplats skapar en negativ avkastning hos bolagen. Denna studie utförs i form av en kvantitativ eventstudie där marknadsplatsbytet utgör eventet. Studiens avsikt är inte att analysera de enskilda bolagen utan att istället ge en samlad bild av effekten på den aktiekursutveckling listbytet medför. Resultatet av studien visar att en negativ ackumulerad onormal avkastning (CAR) förekommer efter att marknadsplatsbytet genomförts. Vid beräkning av parametrarna imarknadsmodellen finner studien att den genomsnittliga ackumulerade onormala avkastningen (CAAR) för samtliga bolag är hela -47,88 %, 12 månader efter att marknadsplatsbytet genomförts. / There are several previous studies that examine switches between marketplaces and how these changes impact companies share performance. The most foregoing research made on the subject share performance is based on the US stock market. Swedish studies made to the subject examine the share performance when companies move from one of the SwedishMultilateral Trading Facilities (MTF) to main market. The authors of this paper have noted that there is a gap of knowledge regarding share performance when companies move between the Multilateral Trading Facilities. By only examining the Swedish Multilateral Trading Facilities, AktieTorget, First North and Nordic MTF, and how moving between the lists affects the share performance, this study is an addition to the previous research in the field.This study examines 39 Swedish companies, which have changed list between 2007-2016. OMXSPI is the benchmark used in this study to compare the companies return with the market return. The purpose of this study is to examine if there is a value for both the companies and its shareholders to exchange marketplaces between the Swedish Multilateral Trading Facilities, AktieTorget, First North and Nordic MTF. This purpose is achieved byexamine the company’s stock price development before and after the change of market place and identify if the change creates a negative share performance. This study is conducted in the form of a quantitative event study where the marketplace change represents the event. The purpose is not to analyze the individual companies but to provide a comprehensive picture ofthe effect the marketplace changes have on the stock price development. The result of the study indicates that a negative accumulated abnormal return (CAR) occurs after the marketplace change. When calculating the parameters in the market model the study finds that the average accumulated abnormal return (CAAR) for all companies is a total of -47,88 % twelve months after the marketplace change.

O ganho crescen te de desempenho nos computadores modernos tem impulsionado os trabalhos científicos nas áreas de simulação computacional. Muitos autores utilizam em suas pesquisas ferramentas comerciais que limitam seus trabalhos ao esconder os algoritmos internos destas ferramentas e dificultam a adição de dados in-vivo nestes trabalhos. Este trabalho explora esta lacuna deixada por aqueles autores. Elaboramos um arcabouço computacional capaz de reproduzir os fenômenos óticos e fisiológicos do sistema visual. Construímos com superfícies quádricas os modelos esquemáticos do olho humano e propomos um algoritmo de traçado de raio realístico. Então realizamos um estudo nos modelos esquemáticos e a partir deles mais a adição de dados in-vivo obtidos de um topógrafo de córnea extraímos informações óticas destes modelos. Calculamos os coeficientes e Zernike dos modelos para tamanhos diversos de pupila e obtivemos medidas de aberração do olho humano. Os resultados encontrados estão de acordo com os trabalhos relacionados e as simulações com dados in-vivo estão consoantes com as produzidas por um aparelho de frente de onda comerciais. Este trabalho é um esforço em aproveitar as informações adquiridas pelos equipamentos modernos de oftalmologia, além de auxiliar o entendimento de sistemas visuais biológicos acabam também em auxiliar a elaboração de sistemas de visão artificial e os projetistas de sistemas óticos / The increase in performance of the modern computers has driven scientific work in the areas of computer simulation. Many authors use in their research commercial tools that use embedding algorithms, which sources are not provided, and it makes harder and sometimes impossible, the development of novel theories or experiments. This work explores this gap left for those authors. We present a computational framework capable to reproduce the optical and physiological phenomena of the human visual system. We construct schematical models of the human eye from quadrics surfaces and consider an algorithm of realistic ray tracing. Afterward, we performed a study on schematics models and in addition we introduce, in these models, in-vivo data obtained from corneal topography machine and extract optical information. We calculate the Zernike coefficients in the models for different sizes of pupil and measures of aberration of the human eye. The results are in agreement with related work and simulations with in-vivo data are according with the produced by a commercial wave-front device. This work is an effort in using to advantage the information acquired for the modern equipment of ophthalmology, besides assisting the understanding of biological visual systems, it also helps the development of artificial vision systems and the designing of optical systems

O ganho crescen te de desempenho nos computadores modernos tem impulsionado os trabalhos científicos nas áreas de simulação computacional. Muitos autores utilizam em suas pesquisas ferramentas comerciais que limitam seus trabalhos ao esconder os algoritmos internos destas ferramentas e dificultam a adição de dados in-vivo nestes trabalhos. Este trabalho explora esta lacuna deixada por aqueles autores. Elaboramos um arcabouço computacional capaz de reproduzir os fenômenos óticos e fisiológicos do sistema visual. Construímos com superfícies quádricas os modelos esquemáticos do olho humano e propomos um algoritmo de traçado de raio realístico. Então realizamos um estudo nos modelos esquemáticos e a partir deles mais a adição de dados in-vivo obtidos de um topógrafo de córnea extraímos informações óticas destes modelos. Calculamos os coeficientes e Zernike dos modelos para tamanhos diversos de pupila e obtivemos medidas de aberração do olho humano. Os resultados encontrados estão de acordo com os trabalhos relacionados e as simulações com dados in-vivo estão consoantes com as produzidas por um aparelho de frente de onda comerciais. Este trabalho é um esforço em aproveitar as informações adquiridas pelos equipamentos modernos de oftalmologia, além de auxiliar o entendimento de sistemas visuais biológicos acabam também em auxiliar a elaboração de sistemas de visão artificial e os projetistas de sistemas óticos / The increase in performance of the modern computers has driven scientific work in the areas of computer simulation. Many authors use in their research commercial tools that use embedding algorithms, which sources are not provided, and it makes harder and sometimes impossible, the development of novel theories or experiments. This work explores this gap left for those authors. We present a computational framework capable to reproduce the optical and physiological phenomena of the human visual system. We construct schematical models of the human eye from quadrics surfaces and consider an algorithm of realistic ray tracing. Afterward, we performed a study on schematics models and in addition we introduce, in these models, in-vivo data obtained from corneal topography machine and extract optical information. We calculate the Zernike coefficients in the models for different sizes of pupil and measures of aberration of the human eye. The results are in agreement with related work and simulations with in-vivo data are according with the produced by a commercial wave-front device. This work is an effort in using to advantage the information acquired for the modern equipment of ophthalmology, besides assisting the understanding of biological visual systems, it also helps the development of artificial vision systems and the designing of optical systems